Central Bank: Dollar reserves are sufficient to cover imports until February 2024

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Central Bank of Iraq: Foreign currency reserves have reached 99 billion dollars

      

 Iraqi currency and American dolla

 

K24 - Erbil:

Ammar Hamad, deputy governor of the Central Bank of Iraq, said the bank's reserves have increased from foreign currencies, now reaching 99 billion dollars.

"Working on the forum lasted more than a year and six months, with the aim of organizing the financial process abroad and supporting foreign trade," Ammar Hamad said in a statement.

"Public and private banks have complete information about how the electronic platform is used," he said.

"The electronic platform is a good opportunity for traders, investors and company owners to get financial support system" rel="">support for their work," he said.

"Our bank's reserves in foreign currencies have increased to 99 billion dollars, reaching 100 billion dollars in a short period of time, as oil prices rise," said Ammar Hamad, deputy governor of the Central Bank of Iraq.

He stressed that the rise in central bank reserves in foreign currencies is a positive sign of stabilizing the price of foreign currencies against the dinar.

On November 8, 2022, Central Bank of Iraq spokesman Omar Assim announced that their bank's reserves of foreign currency had reached $82 billion.

[Laid Back]

Go CBI

Go foreign currency reserves 

Go Gold Reserves 

Go new monetary policy 

Go Stronger dinar

 

 

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Economist: Estimates indicate that Iraq has $ 100 billion of financial abundance

 

 

 - 02-01-2023 04:47 PM - Views: 421

 

 

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Hammam Shamma for Nina: Iraq's cash reserves. A sure guarantee for the stability of the national currency

Monday 02 , January 2023 22:16 |EconomicalViews: 53

 

Baghdad /Nina/ Economist Humam Shamma: Iraq's cash reserves .. A sure guarantee of the stability of the national currency. He told the Iraqi National News Agency (
) that the fluctuations in the price of the dollar do not affect the local currency and its collapse because it is backed by huge reserves in the Central Bank.
Shamma added: The national currency has proven during the last period its ability to stabilize and face the rise in the price of the dollar because the huge revenues and large reserves are the best support system" rel="">support for their stability.

[6ly410]

Hammam Shamma for Nina: Iraq's cash reserves. A sure guarantee for the stability of the national currency

Monday 02 , January 2023 22:16 |EconomicalViews: 53

 

Baghdad /Nina/ Economist Humam Shamma: Iraq's cash reserves .. A sure guarantee of the stability of the national currency. He told the Iraqi National News Agency (
) that the fluctuations in the price of the dollar do not affect the local currency and its collapse because it is backed by huge reserves in the Central Bank.
Shamma added: The national currency has proven during the last period its ability to stabilize and face the rise in the price of the dollar because the huge revenues and large reserves are the best suppor t for their stability.

[Officiallytook]

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[6ly410]

Central Bank: Dollar reserves are sufficient to cover imports until February 2024

Central Bank: Dollar reserves are sufficient to cover imports until February 2024 » Baghdad Today News Agency

Economy | Today, 18:36 | 

    

 

Baghdad Today-Baghdad

Central Bank Governor Mustafa Ghaleb Makhif reviewed on Sunday the benefits and repercussions of the bank's high foreign currency reserves, noting that the reserve is sufficient to cover imports until the second month of next year 2024.

Makhif said in a statement to Arab media followed by (Baghdad Today), that "there are several repercussions of the rise in our reserves of hard currency, including defending the exchange rate of the national currency against foreign currencies, and maintaining import coverage for more than 6 months."

He pointed out that "the Central Bank was able to build an import cover for a period of more than 17 months at the end of the third quarter of 2022, meaning that the Central Bank has sufficient reserves until February 2024, which is a very sufficient period to correct imbalances in the balance of payments in the event that Iraq's imports are exposed to any imbalances."

He explained that "the index of foreign reserves to money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer of inflation."

 

He pointed out that "there are other benefits that come from increasing the size of reserves at the Central Bank, including an indicator of the strength and flexibility of monetary policy, and reserves can also contribute to raising the indicators of Iraq's creditworthiness at international rating institutions."

 

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Central Bank: Dollar reserves are sufficient to cover imports until February 2024

Baghdad Today

Central Bank: Dollar reserves are sufficient to cover imports until February 2024

•  3 hours ago

Baghdad Today-Baghdad

Central Bank Governor Mustafa Ghaleb Makhif reviewed on Sunday the benefits and repercussions of the bank's high foreign currency reserves, noting that the reserve is sufficient to cover imports until the second month of next year 2024.

Makhif said in a statement to Arab media followed by (Baghdad Today), that "there are several repercussions of the rise in our reserves of hard currency, including defending the exchange rate of the national currency against foreign currencies, and maintaining import coverage for more than 6 months."

He pointed out that "the Central Bank was able to build an import cover for a period of more than 17 months at the end of the third quarter of 2022, meaning that the Central Bank has sufficient reserves until February 2024, which is a very sufficient period to correct imbalances in the balance of payments in the event that Iraq's imports are exposed to any imbalances."

He explained that "the index of foreign reserves to money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer of inflation."

 

He pointed out that "there are other benefits that come from increasing the size of reserves at the Central Bank, including an indicator of the strength and flexibility of monetary policy, and reserves can also contribute to raising the indicators of Iraq's creditworthiness at international rating institutions."

 

[Laid Back]

 "The index of foreign reserves to money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer of inflation."

 

“There are other benefits that come from increasing the size of reserves at the Central Bank, including an indicator of the strength and flexibility of monetary policy, and reserves can also contribute to raising the indicators of Iraq's creditworthiness at international rating institutions."

 

Go CBI 

Go new monetary policy 

Go Stronger dinar

[Bama Girl]

Thank you Laid Back. I always enjoy and respect your input. 

[HowieC]

Central Bank Governor: The dollar exchange rate crisis is temporary and the monetary situation is at its best

 

money and business
   

Economy News - Baghdad
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed that the bank has taken a series of measures that enhance monetary stability and push for the return of exchange rates to normal, while noting that the bank has sufficient reserves until February 2024, “which is a very sufficient period to correct imbalances in the balance.” Payments in case Iraq's imports are exposed to any imbalances.

"The dollar exchange rate crisis is a temporary crisis resulting from internal and external factors that coincided with the end of the year," Makhaif said in an interview with "Al-Jazeera Net" and followed by "Al-Iqtisad News", speaking about the causes of the dollar crisis that Iraq recently witnessed and the measures taken by the bank to reduce it.

He added, "The Iraqi Central Bank has taken a series of measures that enhance monetary stability and push for the return of exchange rates to normal, including: allowing banks to participate in the window for buying and selling foreign currency to be used for external transfer, and working to facilitate procedures for obtaining dollars through banks, and facilitating Financing private sector trade and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies.

He pointed out that "a series of measures to limit this crisis went to reduce the selling price of the dollar to the beneficiary (the card holder) who uses it while traveling or pays his purchases via the Internet at a price of 1465 dinars per dollar."

He went on to say, "The monetary situation in Iraq is at its best, and there is no need for that crisis that has caused fears of public opinion, just as the situation in Iraq is much better than that of other countries."

He spoke about the repercussions of the rise in the reserves of the Central Bank of Iraq and its arrival to more than 97 billion dollars on the Iraqi economy, saying that "there are several repercussions, including: defending the national currency exchange rate against foreign currencies and maintaining coverage of imports for a period of more than 6 months, as he was able to The central bank has built a cover for imports for a period of more than 17 months at the end of the third quarter of 2022, meaning that the central bank has sufficient reserves until February 2024, which is a very sufficient period to correct imbalances in the balance of payments in the event that Iraq's imports are exposed to any imbalances.

He continued, "The foreign reserves index to money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer for inflation."

He added, "There are other benefits that come from increasing the volume of reserves with the central bank, including: an indicator of the strength and flexibility of monetary policy, and the reserves can also contribute to raising the indicators of creditworthiness of Iraq with international rating institutions."

The Governor of the Central Bank touched on the reasons for issuing a new denomination of the local currency, saying, “The issuance of the new denomination is a procedure to modify the structure of banknotes and introduce an intermediate denomination that facilitates daily transactions, reduce the presence of old versions of currency denominations in circulation, and adopt modern security specifications in designing the denomination.” new technologies to reduce counterfeiting, especially since counterfeiting methods have developed thanks to technological development.

https://economy-news.net/content.php?id=31764&fbclid=IwAR27DaotThhDO1trj8K1I70RGn1tXGVpL6ERNdbXGzCE_G17pZodqJ61Wzs

 

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Views 829

Added 01/08/2023 - 9:11 PM

Updated 01/10/2023 - 3:50 PM

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Advisor to the Prime Minister announces the rise of Iraq's reserves to $ 115 billion

 economy

•  Today, 17:49

 

Conscious/